The biggest of the big in the whole of the payment industry has made huge steps as Visa pushes deeper into the ever-expanding digital payments services by signing up a slew of global magnates in conjunction to be part of its Visa Token Service. The credit card giant’s most recent announcement was the news of a total of 28 partner additions for its services, including prominent Russian internet company Yandex and many other international payment gateway service providers.
The partnerships may still be pending but once they are all completely certified, they will be able to take on the greatest challenge none in the industry have yet dare partake: the tokenization of each and every transaction affected by and through their clients on Visa cards. This is a very huge case as in the world of digital payments, tokens are strings of numbers that substitute all the information stored on a payment card such as primary account numbers, expiration dates, cardholder’s names & addresses, etc. As such, tokenization will make it so that these are securely issued and used whereby all sensitive information need not be exposed or transmitted any longer, thus adding to a new standard of confidence to any card-based transaction.
In connection to this, Visa has already stated in their most recent press release, acting as the herald of the new partnerships, and hopes to mainly the enhancement of safety and security of all its customers which will be brought about by the use of said tokens. Lastly, the company did not provide any exact estimates as to how all of these new partnerships would impact their business as a whole but anyone can tell, based on this news alone, that it will be the most innovative thing to hit the financial industry thus far.
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